This isn't to say that their progress isn't going well. Rather they've been making incredible progress at a rate nobody really thought possible but this is just a truly Herculean effort.
Also this proposal is literally only 2 days old. The work has been in progress for years but this is to my knowledge the first time it has actually been proposed formally.
Making any changes to C++ is a slow process - as it is for any older and larger language.
Plus...I think memory safety is a pretty low priority area for C++, frankly. It's harder to shoehorn in at this point, C++ has never prioritized it over raw performance or flexibility.
If it makes you feel better you can rename the Rust language to "C++2.0" but the rewrite process itself will be the same in both cases. You keep expanding the amount of safe code you have within the codebase over time, one module at a time.
For example, one advantage of this strategy as opposed to an incremental Rust re-write is that you would retain a single toolchain, whereas that would require having two.
Anyway, all I can say is that having used both C++ and Rust for many years, I have zero desire to use another C++ toolchain.
How do you think this proposal's equivalents are uglier?